What Is the Operational Control System Concerned With

question 142

Multiple Choice

What is the operational control system concerned with?

• A)investment decisions
• B)what activities should be performed and assessing how well they are performed
• C)the consumption of productive resources by individual products
• D)setting prices

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Definitions:

Efficient Use

The allocation of resources in a manner that maximizes the output of goods and services with minimal waste.

Simplifying Assumptions

Simplifying Assumptions are used in economic models to reduce complexity by assuming ideal conditions that may not always reflect real-life scenarios.

Economic Growth

An increase in the economy’s ability to produce goods and services; reflected by an outward shift of the economy’s production possibilities frontier

Unattainable Combinations

refers to product mix scenarios that cannot be achieved with the current resources or technology in economic or production contexts.